UAE: Daily Market Trading Report - 2 March

Transcription

1. 02 March 2021 Morning Report Market Stats UAE Trading Summary Indices Close ADX 5 ,663 2,552 9,138 1,472 11,521 31,536 3,902 13,589 6,589 14,013 5,793 29,664 29,200 1,362 210 3,883 3,689 DFM TASI BHSEASI EGX Dow Jones S&P 500 Nasdaq FTSE 100 DAX CAC40 Nikkei225 HIS MSCI EM MSCI Asia US Futures Eur. Futures 1M 3M 1Y Change Change Change Change 0.0% 0.0% -0.1% 0.4% 0.0% 1.9% 2.4% 3.0% 1.6% 1.6% 1.6% 2.4% 1.6% 1.7% 1.8% -0.4% -0.3% 0.5% -5.4% 5.7% 0.4% -0.6% 4.4% 3.4% 1.4% 1.9% 2.9% 6.1% 5.6% 1.9% 0.1% 1.3% 4.8% 6.4% 14.1% 5.5% 4.8% -0.7% 4.4% 5.7% 6.5% 10.0% 3.2% 4.7% 3.8% 10.7% 10.9% 11.3% 10.1% 6.1% 4.9% 19.9% 3.2% 24.4% -8.2% -5.7% 24.1% 32.1% 58.6% 0.1% 17.9% 9.1% 40.3% 12.7% 35.5% 35.2% 26.7% 10.9% AEDm ADX Buy 918 Sell 918 Net Local 58% 42% 91% 9% 276 63% 37% 91% 9% 276 -5% 5% 0% 0% - 54% 46% 59% 41% 1,194 48% 52% 47% 53% 1,194 6% -6% 12% -12% - 57% 43% 59% 41% -3% 3% Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign # Last Trading Day's Top Short Sell Positions Company Short Volume (shrs.) Short Volume (%) Volume (m) Turnover (AEDm) Dana Gas Adnoc Dis. Etisalat (71,331) (43,039) (4,000) 2.5% 0.2% 0.1% 2.9 19.9 3.6 2.0 83.9 73.5 Upcoming Corporates Actions & Events Date Company Event 2-Mar 2-Mar 2-Mar 3-Mar 4-Mar 4-Mar Taqa Emaar Emaar Malls Emaar Properties IHC ADIB BoD BoD BoD BoD BoD BoD/Dividend -
2. # Key Stories Damac Properties seeks board approval on increasing strategic stake in Damac International from current ownership of 20% IHC disclosed that in the second half 2020, IHC has purchased a 94% stake in Falcon CI IV LP, a Cayman Island based private equity fund that has invested in California-based aerospace company, SpaceX Invest Bank posted FY net loss AED 356.3mln versus loss of AED 579.4mln year ago. FY revenue AED 187.2mln versus AED 304.8mln year ago Gulf Marine Services has agreed with banks for further extension of deadline, for conclusion of improved terms to debt structure till 31 March 2021 ADNOC Logistics & Services to acquire all equipment of Speedy Hire in the UAE DP World has today begun operation of the Multipurpose Terminal (MPT) at the Port of Luanda S&P said economic recovery in Dubai will be subdued and its GDP in dollar terms will return to the 2019 level only in 2023. S&P has estimated Dubai saw the sharpest population decline in the Gulf last year, at 8.4% against a regional average of 4% UAE on March 01 announced 2,526 new Covid-19 cases and 1,107 recoveries. The tally takes total cases in UAE to 394,050 with 382,332 recoveries and 1,238 deaths Saudi Exchange says foreigners buy a net SAR 340.5mln of stocks in February 2021 Saudi’s Al Rajhi Bank board proposes FY cash dividend of SAR 1 per share Saudi’s Herfy Food Services announces signing an MOU with Eatrite Food Services Company to grant commercial franchise rights to Herfy Restaurants in Nigeria Moody says Qatari banks’ profits resilient for 2021 despite higher provisioning costs driven by coronavirus The Kuwaiti government has proposed new amendments to the country's public debt law, including capping borrowing to maximum 60% of gross domestic product Oman to close all commercial activities from 8 pm to 5 am, in the period from March 4 to March 20, as part of measures to combat Covid spread Egypt's Palm Hills Developments posted FY consolidated net profit of EGP 717.8mln vs EGP 846.8mln year ago. Board proposes EGP 0.10 per share FY cash dividend Egypt’s Al Baraka Bank posted consolidated net profit EGP 1.26bln vs EGP 1.07bln year ago. Board approves to distribute 0.6 bonus share for every share Egypt’s Export Development Bank shareholders approve issued and paid-up capital increase to EGP 3.27bln from EGP 2.73bln via bonus share issuance # Key Global Trends/ Market Clues Asia extended the global rally in stocks on Tuesday as a halt in a recent bond markets sell-off eased investor nerves and lifted riskier assets, although oil prices were on the defensive on fears of slowing Chinese energy consumption. MSCI's broadest index of Asia-Pacific shares outside Japan firmed 0.97% while Japan's Nikkei was slightly down 0.12%. Australian shares continued their climb on Tuesday, with S&P/ASX 200 index rising as much as 1.05%, its highest since Feb. 19, as a rollout of another vaccine in the United States and optimism over a coronavirus relief package boosted hopes of a quicker global economic recovery. Chinese blue-chips gained 0.58% in early trade while Hong
3. Kong 's Hang Seng advanced 0.9%, helped by steady and robust demand from investors in mainland China for shares in the Asian financial hub. Oil prices fell more than 1% on Tuesday, extending losses that began last week, as investor’s unwound long positions on concern that OPEC may agree to increase global supply in a meeting this week and Chinese demand may be slipping. Brent crude dropped 78 cents, or 1.2%, to USD 62.91 a barrel by 0138 GMT, after losing 1.1% the previous day. U.S. West Texas Intermediate (WTI) crude slid 74 cents, or 1.2%, to USD 59.90 a barrel, having lost 1.4% on Monday. OPEC February oil output falls 870,000 bpd month on month to 24.89mln bpd, first monthly decline since June 2020. OPEC oil output fall led by Saudi Arabia; Nigeria posts biggest increase. OPEC+ states' compliance with output cut pledges rises to 121% in February from 103% in January - Survey # UAE Stories Damac Properties seeks board approval on increasing strategic stake in Damac International from current ownership of 20%. IHC disclosed that in the second half 2020, IHC has purchased a 94% stake in Falcon CI IV LP, a Cayman Island based private equity fund that has invested in California-based aerospace company, SpaceX. SpaceX designs, manufactures and launches advanced rockets and spacecraft. It is currently building new prototypes of its Starship, a next-generation re-usable rocket. Invest Bank posted FY net loss AED 356.3mln versus loss of AED 579.4mln year ago. FY revenue AED 187.2mln versus AED 304.8mln year ago. Gulf Marine Services has agreed with banks for further extension of deadline, for conclusion of improved terms to debt structure that was agreed in June 2020. Discussions with banks remain positive. Under new agreement, certain obligations on company will be extended to 31 march 2021. ADNOC Logistics & Services to acquire all equipment of Speedy Hire in the UAE. Acquisition adds more than 2,000 pieces of mechanical equipment used for material handling services. Transaction includes a transitional services agreement with ADNOC L&S for up to four months, to support the transfer of assets. DP World has today begun operation of the Multipurpose Terminal (MPT) at the Port of Luanda. The MPT was handed over to DP World Luanda by Porto de Luanda, following the 20-year concession agreement signed in January. Economic recovery in Dubai, the Middle East business hub, will be subdued and its gross domestic product in dollar terms will return to the 2019 level only in 2023, S&P Global Ratings said. Dubai's economy, heavily reliant on sectors such as transportation, tourism, and retail shopping, has been hit hard by the COVID-19 pandemic. S&P has estimated Dubai saw the sharpest population decline in the Gulf last year, at 8.4% against a regional average of 4%. Real GDP contracted by 10.8% last year, the agency estimated. It expects the economy to recover this year, also partly thanks to Expo 2020, which Dubai delayed last year due to the pandemic and will now take place from October this year to March 2022. The United Arab Emirates has the second-highest COVID-19 vaccination rate in the world, according to Oxford University's Our World in Data research programme. "High vaccination rates could help the UAE's tourism sector recover earlier than others," S&P said. The United Arab Emirates on March 01 announced 2,526 new Covid-19 cases, bringing the total confirmed cases in the country to 394,050. At the same time, 1,107 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 382,332. UAE's ministry of health and prevention said. It has reported 17 deaths from Covid-19 during the past 24 hours. The nationwide death toll stands at 1,238. # GCC/MENA Saudi Exchange says foreigners buy a net SAR 340.5mln of stocks in February 2021. Saudi’s Al Rajhi Bank board proposes FY cash dividend of SAR 1 per share. Saudi’s Herfy Food Services announces signing an MOU with Eatrite Food Services Company to grant commercial franchise rights to Herfy Restaurants in Nigeria. Signing of a non-binding MOU with Eatrite to grant it franchise rights to open 50 branches of Herfy Restaurants in Nigeria. Looking forward and
4. working on being present in Far East , GCC Countries, and Africa. It will be opened 50 branches of Herfy Restaurants in Nigeria over a period of 10 years. Moody says Qatari banks’ profits resilient for 2021 despite higher provisioning costs driven by coronavirus. Coronavirus pressures will keep provisioning costs high for Qatari banks this year as loan quality worsens, despite resilient 2020 results. Moody's expects total income to remain subdued in 2021 as lower business volumes strain profits. Problem loans are set to emerge across sectors most vulnerable to the pandemic such as hotels and restaurants, airlines, tourism and retail. Qatari banks hold strong capital buffers that have been supported by lower dividend pay-out ratios and firm earnings. These strong buffers, coupled with an oil price recovery and greater political stability, will support banks' financial performance this year. The Kuwaiti government has proposed new amendments to the country's public debt law, including capping borrowing to maximum 60% of gross domestic product, the head of a parliamentary finance committee told Reuters. The government presented the proposed amendments to the parliamentary committee on Monday, Ahmed al-Hamad said. Another proposed change regards the duration of debt: the government would like no maturity limit, he said, while the existing debt law has a maximum limit of 30 years. Kuwait is facing a liquidity squeeze because of a standoff between government and parliament over the public debt law. Oman to close all commercial activities from 8 pm to 5 am, in the period from March 4 to March 20, as part of measures to combat Covid spread. Egypt's Palm Hills Developments posted FY consolidated net profit of EGP 717.8mln vs EGP 846.8mln year ago. FY consolidated revenue EGP 5.21bln vs EGP 6.22bln year ago. Board proposes EGP 0.10 per share FY cash dividend. Egypt’s Al Baraka Bank posted consolidated net profit EGP 1.26bln vs EGP 1.07bln year ago. FY consolidated net interest income EGP 2.47bln vs EGP 1.90bln year ago. Board approves to distribute 0.6 bonus share for every share. Egypt’s Export Development Bank shareholders approve issued and paid-up capital increase to EGP 3.27bln from EGP 2.73bln via bonus share issuance. (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business)
5. # UAE Focus list MCAP PRICE Company (AEDm) (AED) 52WH 52WL ADCB 44,110 6.34 7.01 3.82 11.59 0.78 4.3% (1.7) 4.3 13.6 1.9 ADIB 17,797 2,953 53,625 4.90 5.18 4.29 5.59 5.24 4.34 3.19 2.95 2.40 13.47 7.96 22.05 0.93 1.18 15.42 5.6% 6.8% 4.8% (2.4) 3.6 10.6 4.3 0.2 24.0 21.9 34.5 38.6 (2.5) 40.0 55.0 Agthia 4,831 6.71 7.00 2.50 135.75 2.16 2.2% 22.2 56.4 120.0 130.1 Air Arabia 5,880 1,516 2,392 1.26 0.72 1.23 1.42 0.83 1.30 0.87 0.50 0.62 NA 29.07 9.79 1.30 0.61 0.75 0.0% 0.0% NA (0.8) (2.8) 7.9 1.6 0.8 17.1 9.6 4.3 27.7 (0.6) (2.6) 44.9 28,620 3.64 3.88 1.35 14.81 1.12 4.0% 1.4 19.7 77.6 89.8 Aramex 2,070 330 5,593 0.83 0.22 3.82 0.92 0.43 4.49 0.56 0.20 2.00 140.82 NA 15.51 0.83 0.67 2.19 2.7% 0.0% 4.3% 2.5 (12.4) (13.2) (0.1) (15.7) (4.7) (3.4) (31.7) 6.1 10.5 (46.3) 27.4 BOS 1,325 0.63 0.77 0.50 NA 0.41 0.0% 3.4 (7.2) 19.1 (16.4) DAMAC 7,200 4,925 1,566 8,560 1.19 0.70 0.27 1.07 1.75 0.87 0.33 1.29 0.36 0.53 0.18 0.50 NA NA 50.64 62.06 0.55 0.62 0.36 1.10 NA 7.8% 0.0% 0.0% (12.5) 1.3 (7.8) (13.7) 0.8 3.1 (0.4) 22.6 34.3 (5.0) (10.3) 24.0 88.0 (11.0) (11.1) 34.3 ADNIC ADNOC Dist Ajman Bank Al Waha Aldar Amanat Amlak Dana Gas Deyaar DFM HIGH-LOW VALUATION Div. PE (%)^ PB HISTORICAL RETURN 1M% 3M% 6M% 12M% 6,378 1.50 1.72 0.98 10.34 0.53 NA (8.5) 20.0 24.0 26.5 Easy Lease 34,683 600 721 4.79 0.08 24.02 5.55 0.18 26.00 3.04 0.07 10.00 12.61 NA 29.32 0.85 2.71 15.17 4.2% 0.0% NA (4.4) (8.5) 15.5 6.9 (34.8) - 15.7 (39.5) - (2.2) (57.4) - Emaar Dev 10,800 2.70 3.68 1.79 5.43 0.99 0.0% (9.7) (0.7) 20.0 (25.8) Emaar Malls Emirates Tele 22,124 25,560 31,730 1.70 3.57 7.00 1.99 4.22 7.05 0.98 1.90 4.33 31.42 6.09 21.99 1.17 0.45 3.70 0.0% 0.0% 4.0% (7.1) (7.5) 4.6 (7.1) 12.3 23.9 22.3 24.4 34.1 9.7 4.1 21.8 Emirates NBD 70,430 11.15 12.25 6.33 11.15 0.83 3.6% (4.3) 1.8 2.3 (2.0) FAB 686 177,067 160,087 0.30 20.36 14.66 0.46 20.98 15.10 0.16 11.02 7.78 NA 19.80 15.17 0.48 3.61 1.47 NA 5.9% 5.0% (5.8) 2.4 (1.5) (6.6) 17.6 16.2 (22.6) 22.9 27.9 0.0 43.1 10.5 GFH 2,339 0.64 0.86 0.45 12.82 0.64 2.6% (1.5) 11.9 0.9 (20.1) 347 IHC 85,425 Julphar 1,617 Mashreqbank 11,540 NBF 9,536 Tabreed 7,495 RAK Bank 6,536 RAK Pro. 1,082 RAK Ceramics 1,789 SALAMA 1,002 SIB 4,129 SHUAA 1,712 Takaful E. Ins. 234 TAQA 156,284 Union Pro. 1,141 UAB 1,351 0.34 46.90 1.40 65.00 4.98 2.76 3.90 0.54 1.80 0.83 1.34 0.68 1.56 1.39 0.27 0.66 0.55 47.96 1.65 72.00 4.98 2.95 4.79 0.64 1.84 0.92 1.43 0.83 1.60 1.78 0.39 0.90 0.28 13.00 0.54 62.00 4.98 1.67 3.33 0.33 1.24 0.30 0.95 0.40 1.18 0.50 0.15 0.66 NA 28.29 NA NA NA 13.86 12.98 9.53 NA 6.42 10.18 16.07 NA 101.29 3.96 NA 0.66 10.92 1.47 0.59 NA 1.45 0.84 0.28 0.83 1.15 0.54 1.20 1.87 2.51 0.38 0.81 0.0% NA 0.0% 6.2% 1.9% 2.1% 3.8% 7.4% 4.2% NA 6.0% NA 5.3% 1.8% 0.0% 0.0% (11.0) 2.0 (15.2) (3.6) NA (7.4) 8.4 2.2 3.6 (5.9) (1.3) (4.1) (5.3) (18.8) (16.0) 17.0 (3.4) (4.3) NA 6.2 8.3 24.7 30.4 (0.2) 18.3 8.0 (0.6) (5.7) (3.6) (26.7) (30.3) 25.1 12.9 (2.8) NA 31.4 11.7 37.3 22.4 18.3 19.3 4.7 6.8 (5.1) (14.2) (26.7) (25.3) 247.4 67.7 (9.7) 3.3 38.0 (8.5) 38.6 14.2 69.6 19.3 (18.2) 26.8 106.8 33.7 (26.9) Dubai Inv. DIB DXBE Emaar Pro. Eshraq Etisalat Gulf Nav. Source: Bloomberg. ^ Current dividend yield based on latest dividend declaration
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